New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-02-21
MONEY md BUSINESS

Wall Street is fond OF cheating itself In the
carly summer OF 1886 II was Mr.. Manning 5
success In defeating silver and soft money fol-
hes which the Street quoted ~ the sure foun-
dauon of its confidence. In November il WAS
his wisdom In pouring ont more money. and es-
pecially moro silver paper, thus making things
lively. Now. Mr. Manning having retired. the
Street is entirely sup that wisc and patriotic
President will find n Secretary who will do as
well n Mr.. Mannng-in both respects, doubt
lcss. II tho influences which feed the Street
with hopes wcrc not just now enlisted on the
sidc of higher prices. thcrc would BE- much sald
Of the financial uncertainties attending a change
in tho Treasury. AS it is, those who think Of
tho matter keep quiet. or assure their neighbors
that it is certain that President Cleveland
will do n wise thing. SO il Is certain" accord
ing TO Wall Street reports. that he will make the
Interstate Commerce bill powcrcss for mis-
chief 10y his selection Of commissioners Tho
truth appears TO 10 that the President does not
know himself what he is going to do in either
matter and The uncertainty does affect the action
Of the more conservative men,
The stock market was wavcring during the
week. and closed at an average only fifth Of
The wheat market had severe decline TO
about 80 cents but recovered a cent on more
warlko advices' Oil declined about 2 3-5
cents. with symptoms OF general disgust; the
cotfco speculation broke down and the price fell
to II cents or lower copper, lead. cheese and
eggs wcro weaker The so-called war news
lifted cotton a sixteenth corn and pork prod
ucts were strong and advanced, and steel rails
were stronger, though iron was sold in some
instances Mt lower figures. The election In Ger
many is supposed 10 involve so much of unccr-
tainty rs to the peace Of Europe. and forhcom-
ing events at Washington involve so much of
uncertainty "a to financial matters here, that u
willingness TO postpone large operations is not
surprising.
Exports of gold have been made again. though
not in large amount, but the expected large sub
ply Of commercial bills did not follow the tcrm-
nation of tho strike, exports being only about
the average in amount. 1t would not he diff
cult TO believe that there has been some selling
Of stocks for European account but the inn
ports Of merchandise have been large, for three
weeks exceeding those Of last year by 1873 per
cent and last week more than 20 per cent.
The exports Of wheat for the first half of Feb
ruaiy were in quantity more than three times
those of last year, of flour 100000 barrels
larger, and OF cotton rs 900 bales more. But there
was a decrease of 100000 bushels in exports
of corn, 1900 bushels in oats 100000
pounds in lard, and tho exports of petroleum
wcro only 10000 600 gallons, against 10, 100.
600 last year. Tho figures do not indicate
that the large outward movement of mcrchan-
disc in January is likely TO be maintained. but
tho excess Of exports in that month seems now
TO have been 25,OOO.OOo or moro.
Another reason for regarding the situation
with satisfaction is that exchanges and railroad
traffic both disclose large volume of domestic
trade. True. the exchanges for three weeks OF
February at Ncw-York have fallen nearly nine
pcr cent below those of last year, and the clear
ings mt all New England cities for half tho
month foil short about five Der cent but the in
crease at San Francisco was three per cont, al
all Southern points it was over nine Der cent
at cities of the Middle States over eleven per
cent, and at Western cities. including those of
Missouri, 1877 per cent. The returns of railroad
earnings thus fur for February also show gen.